Bank Nifty Spot Outlook for 07th Nov

BANK NIFTY

In the previous session Bank Nifty spot opened at 30225.20, made a low of 30013.65,  made a high of 30699.00 before closing at 30609.60

Had mentioned that long trade will get triggered for the day on sustaining above 30305 and short trade will get triggered for the day on sustaining below 30135. Bank Nifty initially triggered our short trade and completed 2 targets giving 100+ points. Bank Nifty then reversed to trigger our long trade and completed all targets giving 375+ points. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30550 and then enter for a initial target of 30770 - 30830 and look to hold further only on sustaining or getting a close above 30830 for the next targets of 31020 - 31230. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30110 and then enter for a initial target of 29890 - 29830 and look to hold further only on sustaining or getting a close below 29830 for the next targets of 29640 - 29430.

Bank Nifty has confirmed our weekly long trade and those who have entered should keep a cbsl of 30395 and hold for the initial targets.

For this month :

For the month of November , longs will be confirmed in Bank Nifty with a consecutive close above 30495 for a initial target of 30950 - 31065 and sustaining / closing above 31065 we can see a further move till 31455 - 31880 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29640 for a initial target of 29185 - 29070 and sustaining / closing below 29070 we can see a further move till 28680 - 28250.

As mentioned in the previous posts " Now Bank Nifty has immediate resistance at 30330 - 30495 and it needs to sustain or give a consecutive close above 30495 for a further upmove towards 30950 - 31065. " , today Bank Nifty has given a close above 30495 and we need a consecutive close above it to make a move towards our initial targets. Also we need Nifty to be in sync and close above its monthly confirmation levels.

On the downside Bank Nifty has immediate support near 29800 - 29635 and its needs to sustain or give a consecutive close below 29635 for a further downmove towards 29185 - 29070. 

Now in the coming session Bank Nifty needs to break and sustain above 30675 to test 30740 - 30760 initially and sustaining above it we can see a further upmove till 30820 - 30880. Similarly breaking and sustaining below 30545 we can see a test of 30480 - 30460 initially and sustaining below it we can see a further correction till 30400 - 30335

Bank Nifty Spot Levels for the day are

Long above 30675 for 30715 - 30760 - 30880 , SL 30630

Short below 30545 for 30505 - 30460 - 30335 , SL 30590

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.